Trade GSP can’t make profit for Myanmar in short term
Some 5000 goods from Myanmar have been granted classification under the United States Generalised System of Preferences export scheme, however this will not see a rapid turnaround in profits, say industry figures. The United States trade representative body announced on its official website that preferential tariffs under the Generalised System of Preferences scheme were to be reinstated. This took effect on November 13, after a 27-year suspension. The Ministry of Commerce said that goods included under the new GSP protocol include rattan and rattan furniture, wooden furniture, as well as luggage and backpacks. One local timber exporter observed that, so far, there are no direct US buyers for Myanmar’s wooden products. The majority of these products make their way onto the US market through third countries like Singapore, Hong Kong, Thailand and Malaysia, he said.
